Recommendations of the Members By-Laws Review Committee 5 Current By-Laws (January 2023) (A) Board’s Proposed Change (B) Board’s Rationale (C) By-Law Committee’s Recommendation (D) By-Law Committee’s Rationale (E) (b) To educate its members in co-operative principles and methods and the efficient management of its affairs. (c) To create out of the savings of its members and otherwise, a source of credit available to its members on reasonable terms and conditions; and (d) To pursue business and other activities geared towards the enhancement of the financial, economic and social well-being of its members. (e) To do other acts and things as are incidental or conclusive to or consequential upon the attainment of the above objects. AREA OF OPERATIONS By-law 5 5. The area of operations of the Society shall be the Island of Barbados and such jurisdictions outside Barbados as the Laws of Barbados and that jurisdiction permits. By-law 5 No changes. No changes. By-law 5 No changes were recommended by the Committee. No need to change. CAPITAL AND FUNDS By-law 6 6. The capital and funds of the Society shall be raised by means of: (a) The savings of its members received as payments or contributions to shares; (b) The deposits of members or non-members; (c) Loans from members or non-members; and (d) Entrance and other fees, fines, interest on loans and investments and other contributions received from members and non-members. Clauses (a) to (c) Remain Unchanged. By-law 6(1) Interest on loans and investments entrance fees, transactional and operational fees and penalties, and any other contributions received from members and non-members as may be determined by the Board. Allows for the implementation of transactional and processing fees as may be needed from time to time. By-law 6(1)(d) Rejected. Original to remain. This proposal gives unrestrained and sole authority to implement interest and fees. New By-law 6(2) The Board may establish appropriate and reasonable fees for services provided to members, subject to any limitations imposed by applicable law. New By-law 6(2) Rejected. Imposing fees and costs must be a last resort measure and not used to hide losses and inefficiencies. Where
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